Transcript: Nightly Business Report – September 5, 2017

ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Sue
Herera.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Stocks clobbered. New threats
from North Korea send a chill down Wall Street, as one of the worst months
for stocks gets off to a very rocky start.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: Back to work. Congress
has a lot to do in a small amount of time. Investors are watching very
closely. What you should focus on and ignore.

HERERA: Buying a home? How much will you need to earn to buy a house this
fall?

Those stories and more tonight on NIGHTLY BUSINESS REPORT for Tuesday,
September 5th.

MATHISEN: Good evening, everyone.

It was a rude welcome back from the long Labor Day weekend or the summer,
if you think of it that way, and stocks got hit, hard. The reason: fresh
threats from a defiant North Korea.

A top North Korean diplomat warned that his country is ready to send,
quote, gift packages to the U.S. The comments come just days after that
country tested its most powerful nuclear bomb yet, marking an escalation in
its standoff with the United States and its allies.

The U.S. ambassador to the United Nations, Nikki Haley, urged the Security
Council to impose the strongest possible sanctions on North Korea to cut
off revenue that lets the nation build ballistic missiles and warheads.
The crisis prompted investors to sell stocks and head for safer havens like
government bonds and gold.

The Dow Jones Industrial Average dropped 234 points to 21753, Nasdaq was
off about 59, almost 60, and the S&P 500pulled back 18.

Seema Mody reports tonight from the New York Stock Exchange.

(BEGIN VIDEOTAPE)

SEEMA MODY, NIGHTLY BUSINESS REPORT CORRESPONDENT: Mounting tensions
between the United States and North Korea roiled global markets after North
Korea conducted its most powerful nuclear test to date. The gold prices
shot up to a one-year high on those geopolitical jitters.

September has historically been the worst month of the year for stocks and
in the absence of any major catalyst, earning season winding down no major
data on tap, there is a sense of nervousness today. You`ve got a market
that`s risen a lot this year, a debt ceiling looming overhead and another
big hurricane on the way, traders are looking for an excuse to sell.

Key sectors that have fueled this market higher all took a hit — biotech,
semiconductors, those FANG names, Facebook (NASDAQ:FB) Amazon
(NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Alphabet, all sharply lower. The
Federal Reserve`s playbook also remains in question. We saw the yield on
the 10-year Treasury note sink to its lowest level since November after key
Fed member said she was worried about lower inflation.

Goldman Sachs (NYSE:GS) responsible for a quarter of the Dow`s decline.

We`ve managed to avert a down August, but investors will wait to see if the
September swoon is here to stay.

For NIGHTLY BUSINESS REPORT, I`m Seema Moody from the New York Stock
Exchange.

(END VIDEOTAPE)

HERERA: The situation with North Korea is complex, not just for the United
States but for many countries in Asia. We have three reports for you
tonight.

The first one is from Eunice Yoon in Xiamen, where North Korea`s nuclear
test was casting a shadow over an important summit of global leaders.

(BEGIN VIDEOTAPE)

EUNICE YOON, NIGHTLY BUSINESS REPORT CORRESPONDENT: The five nations that
make up the BRICS have wrapped up their three-day summit with a communique
that includes a condemnation of North Korea`s nuclear test. In the Xiamen
declaration, Brazil, Russia, India, China and South Africa jointly said
they deplored the test and hoped it would be resolved through peaceful
means and dialogue.

During the summit, China`s President Xi Jinping addressed some of the
geopolitical tensions in the region, including North Korea. He and
Russia`s president, Vladimir Putin, agreed to appropriately deal with
Pyongyang over its nuclear test. President Xi also met with India`s Prime
Minister Narendra Modi in the hopes of smoothing over a month-long conflict
over territory in the Himalayas.

President Xi has been using this forum as a way to showcase China`s growing
leadership role in the developing world and to burnish his own image as a
champion of globalization in contrast to President Trump`s America-first
agenda. At the conference, President Xi emphasized the need to ward off
rising protectionism and embrace multilateral trading systems. He also
said BRICS nations which comprise of about 40 percent of the world`s
population should tighten economic ties and increase the voice of all
emerging economies as a way to usher in what he described as a new golden
decade for the BRICS.

For NIGHTLY BUSINESS REPORT, I`m Eunice Yoon in Xiamen.

(END VIDEOTAPE)

HERERA: Amid the nuclear tensions, there are questions about a new arms
deal between the U.S. and South Korea. Chery Kang is in Seoul.

(BEGIN VIDEOTAPE)

CHERY KANG, NIGHTLY BUSINESS REPORT CORRESPONDENT: The Trump
administration says that there could be an arms deal with a South Korea
that`s worth billions of dollars, but Seoul says not that we know of.
South Korea`s presidential office has disputed the White House press
release that said President Trump has given a conceptual approval for this
deal, saying that it understood it to be Washington`s expression of support
for South Korea`s national defense.

But one thing both countries were able to confirm is the two leaders`
agreement to throw out the restrictions on South Korea`s missile payload
capabilities as South Korea is trying to beef up its a national defense in
the face of all these missile tests, as well as the latest nuclear test by
North Korea.

In the meantime though, North Korea may be keeping at it, as South Korean
officials say. There are signs that the regime could be getting ready for
yet another ballistic missile launch.

For NIGHTLY BUSINESS REPORT, I`m Chery Kang in Seoul.

(END VIDEOTAPE)

HERERA: Akiko Fujita is in Tokyo tonight with the reaction to North
Korea`s nuclear test.

(BEGIN VIDEOTAPE)

AKIKO FUJITA, NIGHTLY BUSINESS REPORT CORRESPONDENT: Speaking to reporters
today, Defense Minister Itsunori Onodera said this latest test from North
Korea was significantly larger than initial Japanese government estimates.
Upon further review, Onodera said he believed the size of the explosion was
a 120 kiloton. That`s roughly eight times the size of the nuclear bomb
that was dropped on Hiroshima.

Now, considering the size of this explosion, the minister said, the
Japanese government now believed there is a strong possibility this was in
fact a hydrogen bomb. We did hear from Prime Minister Shinzo Abe a today
warning of further provocations, saying the Japanese needed to remain
vigilant and reiterated the government was doing everything they can to
keep the Japanese citizens safe.

And the “Nikkei Daily” here raised some eyebrows with a headline that
suggested the government had begun drawing up plans for evacuating roughly
60,000 Japanese citizens over on the Korean peninsula in case of an all-out
war.

Now, these are plans the government has been considering since April amid
constant provocations from North Korea. According to the “Nikkei”, the
evacuation would include finding shelters for the Japanese, as well as
limiting travel to the peninsula.

For NIGHTLY BUSINESS REPORT, Akiko Fujita, Tokyo.

(END VIDEOTAPE)

MATHISEN: From Asia to Washington where some very thorny issues await
lawmakers, as they return from their summer recess. And there are only a
small number of working days to get these things done. But the day did
start with a fresh rift between the White House and the business community.

Today, the Justice Department said it wanted to end a program that
protected people brought illegally to the U.S. as children, unless Congress
steps in within six months. The attorney general gave some reasons why.

(BEGIN VIDEO CLIP)

JEFF SESSIONS, ATTORNEY GENERAL: The effect of this unilateral executive
amnesty among other things contributed to a surge of minors at the southern
border that yielded terrible humanitarian consequences. It also denied
jobs to hundreds of thousands of Americans by allowing those same illegal
aliens to take those jobs.

(END VIDEO CLIP)

MATHISEN: Some of the largest companies don`t want the so-called DACA
program scrapped. They signed a letter calling these people vital to the
future to the U.S. economy.

According to the Center for American Progress, the loss of those workers
would wipe out potentially hundreds of billions of dollars from U.S. gross
domestic product. The impact would be felt unevenly across the country.
California would supposedly take the biggest hit of more than $11 billion,
followed by Texas, Illinois, New Jersey and Florida.

HERERA: The other issues that Congress has to resolve include funding
emergency aid for the victims of Hurricane Harvey, averting a U.S. debt
default and renewing government funding to avoid a shutdown. There is also
the question of funding Obamacare cost-sharing subsidies and the president
has said that he wants members to start working on tax cuts.

Jeff Bush is partner at “The Washington Update” and he joins us now.

It`s nice to have you back, Jeff.

JEFF BUSH, PARTNER, THE WASHINGTON UPDATE: Thank you, Sue.

HERERA: That last time you were on, you said it`s a question of what
Congress has to do versus what Congress wants to do. That was before
Harvey. That has kind of thrown a wrench into everything. So, what now do
they have to do?

BUSH: Well, it was before Harvey, but it was also before this DACA
announcement. It was also before we`ve ramped up this North Korean
discussion. And so, our predictions of a lot of market volatility in
September have simply been amplified by these new issues coming out over
the last week.

Now, what needs to get done is that debt ceiling needs to be raised.
Obviously, we don`t want to play around with the borrowing strength of the
United States and the wherewithal of our credit rating. But in addition to
that, you at least have to put forward a continuing resolution at the end
of the month to keep funding the government. We think the risk of a
government shutdown has narrowed slightly and some of that is because of
these ancillary issues.

MATHISEN: Do you expect them to get the debt ceiling vote through as most
on Capitol Hill do expect? We`ve been that this kind of brink before.

BUSH: Well, I think we do. We have always said, the United States will
not default on our debt. The question was how are we going to get to that
point where we passed the debt ceiling increase? By marrying the Harvey
funding and so forth with the debt ceiling increase, that obviously will
bring some more broader support for that measure.

HERERA: Will it — it will be one of those situations that we`ve seen in
the past where we go up to the 11th hour.

BUSH: It wouldn`t be Washington, D.C. if we didn`t go up to the 11th hour.
But I think, quite honestly, the Harvey funding bill and the financial
support for Harvey victims, that will accelerate that process. I think
we`re more likely than not to get that vote this week yet.

HERERA: All righty. Jeff, thank you so much.

BUSH: Thank you.

HERERA: Jeff Bush with “The Washington Update”.

MATHISEN: Well, from Washington`s list of things to get done to North
Korea`s missile threat, there are a lot of important issues for investors
like you to process. So, how and where should you focus your attention and
what can you afford maybe to pay a little less attention to?

Mark Lehmann is president of JMP Securities and he`s here now with us to
discuss.

Jeff Bush teed up an awful lot of the items that are on the congressional
to-do list, the North Korean issue is looming out there. How do I process
all of this information that could clearly have an impact on my portfolio?

MARK LEHMANN, JMP SECURITIES PRESIDENT: It`s hard. I mean, like you just
outlined, there are a myriad of things to worry about and probably some
things we haven`t even thought of yet. So, we have had a good run in the
market as you know year to date. We took a little bit of a breather
through August and then last week when it was quiet. The market came
strongly back to near record highs.

Today was I think a reminder that there`s a lot of issues on the tape. I
think it`s time for investors once again to look at their portfolios,
realize what has worked, realize potentially what had higher expectations
and maybe won`t work quite as much as people thought, take stock and watch
the next three or four weeks as we get into the fourth quarter. Those
reports, as you know, from the third quarter won`t be until October, but
we`re going to have a plenty of activity for investors to get time to
reassess their portfolios.

HERERA: What is the bond market telling you? We saw bonds in some parts
of the government curve moved to new highs and interest rates dropped
dramatically. To me, it says that people want safety.

LEHMANN: It`s a couple things. I think that people do want safety. I
think there is definitely growth that I think will be tempered by the storm
and potentially by Irma as well. I think the potential that that job
creation, albeit strong, will not accelerate. I think all those things are
tied up here and that flight to safety obviously that you mentioned.

I think — I have been a rare person who has said that the tenure is not
going to 3 percent anytime soon, may not be for the next several years. I
think you had lower (ph) market fund —

(CROSSTALK)

MATHISEN: It`s close to 2 percent exactly that it is to 3 percent.

LEHMANN: Exactly.

MATHISEN: You mentioned that you were looking at some trades or some
positions that had worked some, that hadn`t, that maybe you don`t want to
walk way, that maybe you`d want to jettison now — enumerate what those
are, the ones that seem solid and the ones that seem less solid.

LEHMANN: So, what we`ve seen through the through the August timeframe as
you`ve seen some of the — and getting back to term we frankly heard a lot
of in the summer and haven`t heard awhile, the FANG stocks, and there`s
going to be a time probably in the next three or four weeks until they
report that those stocks will be under some pressure. I think you want to
assess what kind of quarters they`re going to have, the second quarter for
each of those companies —

MATHISEN: Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Netflix
(NASDAQ:NFLX) and Google (NASDAQ:GOOG).

LEHMANN: And you look at what kind of pricing power Facebook (NASDAQ:FB)
has enjoyed. I think you want to pay attention there. I think the stock
is near high, but again, you want to pay attention.

You look at biotech where you`ve seen some real M&A activity. You`ve also
seen some drugs that we gotten proven in the last couple three months. You
want to pay attention there.

HERERA: Do you also, though, if you`re the average investor, balance that
with maybe move into utilities or adding a little bit of gold to the
portfolio?

LEHMANN: I think investors have to decide that that placing all your bets
in one basket is never a good idea, and I think if those who thought rates
are going higher and you`ve got to be in only the tech stocks and you got a
stay away from banks et cetera, that`s never been a good idea. I think you
do want to balance it.

But where the market has worked, I think you want to stay there.

MATHISEN: Mark, thanks. Appreciate it.

LEHMANN: Thank you.

MATHISEN: Mark Lehmann, JMP Securities, appreciate it.

HERERA: Still ahead, returning home, but how much of the damage is covered
by insurance.

(MUSIC)

HERERA: Florida`s governor has declared a statewide emergency as Hurricane
Irma intensifies over the Atlantic Ocean. The storm is now a powerful
category and could potentially make landfall later this week, though it`s
direct path is not yet entirely clear.

But Irma`s impact is already being felt in the stock market. Shares of
home insurers with exposure to Florida fell sharply today. HCI Group
posted its biggest ever one-day percentage drop. Heritage hit record lows.
Universal (NYSE:UVV) Insurance was off 14 percent. United Insurance was
off 7 percent.

But it wasn`t just the Florida insurers. The broader sector was hit today
as well.

MATHISEN: Meantime in Houston, homeowners and businesses continue to
assess the damage there and continue to check their insurance policies in
the aftermath of Hurricane Harvey.

Morgan Brennan is on the ground.

(BEGIN VIDEOTAPE)

MORGAN BRENNAN, NIGHTLY BUSINESS REPORT CORRESPONDENT (voice-over): People
are coming home to loss, some of it covered by insurance but most not.

Nelby Salmeron has lived in her home in northeastern Houston for 25 years.
An accountant by profession, she was forced to leave when the floodwaters
came.

NELBY SALMERON, FLOOD VICTIM: I got up around 3:00. I wanted to go to the
bathroom. When I was going downstairs that`s when I see that even my
refrigerator was floating, I told my husband, we have water in the house.
I cried.

BRENNAN: Nelby does not have flood insurance, because her home is not
located in a high-risk flood zone. It wasn`t mandatory and she didn`t
think she needed it.

SALMERON: I`m trying to get FEMA to help me a little bit.

BRENNAN: Nelby also lost four cars, which after the deductible will be
covered by Farmers Insurance, just one example of the more than 30,000
claims, a third of them auto related, Farmers has received so far.

Auto losses alone are expected to be in the billions of dollars, paid out
by insurers like State Farm, Allstate (NYSE:ALL), Progressive (NYSE:PGR)
and Farmers.

LUIS SAHAGUN, FARMERS INSURANCE: Houston is a community that relies a
great deal on their vehicles and we want to make sure that our customers
are able to, you know, start the process of identifying and getting another
vehicle as quickly as possible.

BRENNAN (on camera): Here in the Houston suburb of a Baytown, the Royal
Purple raceway has been temporarily converted into a giant salvage yard
where thousands of cars, trucks, boats, even construction equipment damaged
by Harvey is being assessed by insurance adjusters, for companies like
State Farm and Farmers.

(voice-over): It`s still too early to know the full extent of the damage
to homes and businesses, but analysts estimate a half million vehicles or
more could be damaged and not just personal ones.

Clear Lake INFINITI had nearly four feet of water flood dozens of brand-new
cars.

(VIDEO GAP)

BRENNAN: And for some homeowners, it`s not over yet.

(on camera): Here at (VIDEO GAP) continues to flood Buffalo Bayou, the
surrounding homes and businesses remain under several feet of water as
5,000 cubic feet per second is released from this gate. The Corps says it
will continue to release water slowly tapering until mid-September.

RICHARD LONG, ARMY CORPS OF ENGINEERS: Our office is right behind me over
here and we have about two foot of water in the office and we put that
water in there ourselves.

BRENNAN (voice-over): The Corps says it is necessary to flood this
neighborhood to keep the city`s reservoirs from overflowing and the
infrastructure from getting damaged.

But across town as ruined furniture and (AUDIO GAP) awaits removal, Nelby
is getting to work. Contractors have already stripped the first floor and
are busy making repairs. If she can wrangle the money, it will all be over
in a month.

SALMERON: We already have the sheetrock. So, we already ahead of the
game.

BRENNAN: For NIGHTLY BUSINESS REPORT, I`m Morgan Brennan in Houston.

(END VIDEOTAPE)

HERERA: Shares of the cruise lines also had a tough day. Companies like
Royal Caribbean and Carnival (NYSE:CCL) already had to change plans when
Hurricane Harvey shut down a port near Houston. Now, Hurricane Irma is
causing additional disruptions and the rerouting of ships out of that
storm`s path. Royal Caribbean and Carnival (NYSE:CCL) both finished the
day lower.

MATHISEN: A major pipeline carrying gasoline from the Gulf of Mexico to
the East Coast has resumed operations it had been knocked off line by
Hurricane Harvey. The Colonial Pipeline system is the largest in the
nation. The pipeline`s shut down along with a number of refineries caused
gasoline prices to spike. According to the AAA, the national average price
of a gallon of gasoline was up to $2.64, up nearly 20 cents from late last
week.

HERERA: A Houston businessman has agreed to buy the Houston Rockets for a
reported record amount. Tillman Fertitta called the purchase of his
hometown team a dream come true. While terms of the deal were not
disclosed, the price tag is reported at more than $2 billion, an NBA
record. The transaction is pending and requires approval of the league`s
board of governors. The purchase sent shares of MSG higher. MSG owns the
Knicks. The team is MSG`s biggest asset.

MATHISEN: United Technologies (NYSE:UTX) inks the biggest aerospace deal
ever and that is where we begin tonight`s “Market Focus”.

The industrial conglomerate said it was buying aircraft parts maker
Rockwell Collins (NYSE:COL) for $30 billion, including debt. Under the
deal, the two companies said they will combine their aerospace divisions
into a new business unit called Collins Aerospace Systems. The CEO of
United Technologies (NYSE:UTX) said the tie-up is key to increasing
customer value.

(BEGIN VIDEO CLIP)

GREG HAYES, CHAIRMAN & CEO, UNITED TECHNOLOGIES: Thirty thousand new
aircraft are going to be delivered in the next 15 years. The aerospace
business is growing dramatically. We see revenue passenger miles up 5
percent every year. Growth is coming in the aerospace business. But with
that growth comes pressure from the customers to take cost out, to continue
to innovate, and having scale in the aerospace business is absolutely
essential if you`re gonna deliver the value to the customers that they
expect.

(END VIDEO CLIP)

MATHISEN: Shares of United Technologies (NYSE:UTX) down 5 percent to
$111.21, while Rockwell Collins (NYSE:COL) shares up slightly, finishing at
$131.

The media company Tronc — yes, that`s its name — said it was buying the
tabloid newspaper “The New York Daily News”, in an effort to grow its
digital audience. The owner of “The Chicago Tribune” and “The Los Angeles
Times” paid — are you ready for this? — one dollar for the newspaper and
its Website. It will also assume about $60 million worth of liabilities.

Tronc shares rose marginally to $14.76.

And a federal court invalidated 11 patents on a respiratory drug made by
the pharmaceutical company Mallinckrodt. The ruling was on a lawsuit that
the drug maker filed against Praxair (NYSE:PX), which is attempting to sell
a generic version of the treatment. Mallinckrodt said it plans to appeal
the decision. Shares of that company off 12 percent to $36.12.

HERERA: Biotech firm Insmed (NASDAQ:INSM) said it`s drug for treating a
rare lung disorder performed well during a study. The company said it
plans to seek accelerated approval from the Food and Drug Administration.
Shares skyrocketed nearly 120 percent on the news to $26.99.

After the bell, the tech giant Hewlett-Packard (NYSE:HPQ) Enterprises
reported stronger than expected results. That company said that while it`s
encouraged by the progress it`s made, there`s still more work to be done.
Shares initially rose following the results, but they ended the regular
session down nearly 2 percent to $14.04.

And also after the bell, despite growing revenue in the latest quarter,
gaming and entertainment company Dave and Buster`s reported weaker than
expected sales and also cut its same store sales guidance for the year.
Profit was better than expected but that wasn`t enough to lift the stock.
Shares initially fell in the extended session but finished the regular day
up just fractionally to $58.14.

MATHISEN: Coming up, the salary you need to earn to buy a home in some of
the country`s largest cities today.

(MUSIC)

HERERA: Here`s a look at what to watch tomorrow. The Fed will release its
Beige Book, that`s an anecdotal look at economic conditions around the
country. President Trump is expected to travel to North Dakota to speak
about tax reform. And with interest rates sitting at historic lows, we`ll
find out how many home builders — homebuyers I should say are applying for
a mortgage.

MATHISEN: The maker of the mobile phone game Angry Birds is planning an
initial public offering. Finland`s Rovio Entertainment saw a rapid growth
after the launch of the original Angry Birds way back in 2009. The company
licensed the brand for use on toys and clothing. The business then slowed,
but a movie release last year helped revive the brand, and Rovio says it
expects sales and profits to increase significantly this year.

HERERA: Lego plans to cut 1,400 jobs following its first annual revenue
decline in 13 years. The layoffs account for about 8 percent of the
toymaker`s workforce. The Danish company says the overhaul is part of a
strategy to simplify its operations and turn around sales in the U.S. and
parts of Europe.

MATHISEN: Labor Day weekend marks the start of the fall housing market,
the first-time homebuyers tend to be more active this time of year. But
this fall may be different.

(BEGIN VIDEOTAPE)

DIANA OLICK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Home prices are rising
so fast today that nearly half of the nation`s 50 largest housing markets
are now considered overvalued. That is home prices are at least percent
higher than the long-term sustainable level with current incomes. Home
prices annually jumped 6.7 percent in July, the latest reading, due to an
historic lack of homes for sale. So, given these sky-high prices for
shoppers starting out in the fall market, some sobering stats on what
salary you need to buy a home.

By mid-summer, nationally, you needed just over $56,000 to buy the median
priced home. That`s up 10 percent from just the start of the year. HSH, a
mortgage Website, calculated that based on principal, interest, insurance
and taxes using a 30-year fixed-rate mortgage at just over 4 percent.

The priciest market no surprise, San Jose, California, where you need
$221,000 to buy the median priced home. San Francisco is not far behind.
Compare that to New York City where you need less than half that, just over
$99,000 in annual salary to buy the median priced home. Boston, Seattle
and D.C. are not far behind, all in the $90,000.

On the cheaper side, of course, Cleveland, the most affordable housing
market where you need just over $36,000 in salary and also Charlotte,
Minneapolis and Dallas are pretty affordable. But in both Charlotte and
Dallas, that necessary salary is up over 10 percent compared to a year ago.

The numbers will only increase an affordability worsen until there are more
homes for sale, but just last week, the chief economist for the realtors
said given soaring demand and slow new construction, more supply would take
a miracle.

For NIGHTLY BUSINESS REPORT, I`m Diana Olick in Washington.

(END VIDEOTAPE)

HERERA: Before we go, here`s another look at the sell-off on Wall Street
today. The Dow dropped 234 points, the NASDAQ was off 59, and the S&P 500
pulled back by 18.

It`s so good to have you back, by the way.

MATHISEN: It`s nice to be back after a little summer vacation.

HERERA: Yes.

MATHISEN: Kids are back in school.

HERERA: I know, all is right.

That`s it for us tonight. I`m Sue Herera. Thanks for joining us.

MATHISEN: Thanks for me as well. I`m Tyler Mathisen. Have a great
evening and we`ll see you tomorrow.

END

Nightly Business Report transcripts and video are available on-line post
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and commentators are their own and do not necessarily represent the views
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Business Report is not and should not be considered as investment advice.
(c) 2017 CNBC, Inc.

 

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